Red Blinking Health LED on a ML350 G5

I'm having an issue with a red blinking health LED on a ML350 G5. My customer is reporting that server goes down and the Health LED begins flashing Red. They power the server backup and the Health LED shuts off and everything goes else green. I've ran the insight diagnostics and nothing is being reported as failed.

The customer is reporting that the Power Supply LED is green even when the Health LED is flashing Red. There are no memory dumps from the OS so this seems like a hardware issue and not a software problem.